NY AG Says Wells Fargo, BofA Breached $25B Mortgage Deal

Law360, New York (May 6, 2013, 1:48 PM EDT) -- New York Attorney General Eric Schneiderman on Monday said he plans to sue Wells Fargo & Co. and Bank of America Corp. over allegations that they violated mortgage servicing standards that were a key part of last year's $25 billion mortgage settlement.

The landmark national mortgage settlement with 49 states and the nation's five largest mortgage servicers included 304 rules for conducting fair and timely service for borrowers seeking to refinance or otherwise get some relief on their mortgages. Schneiderman said that his office has found...